Results 10,141-10,160 of 21,149 for speaker:Mary Lou McDonald

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Let us just go back to the minutes to which Mr. Daly refers-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: We can return to this issue. I will quote from the minutes: "PIMCO, ostensibly in the spirit of transparency, wish to advise NAMA about the success fee arrangement" ... "and sought NAMA's agreement that it was appropriate". Two things strike me. First, there is a hostile vibe in respect of PIMCO which is evident in the use of the words "ostensibly in the spirit of transparency". The issue...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Let me read from the minutes of 12 March: "PIMCO advised NAMA that it had no option but to withdraw from the process. The fee arrangement was a serious issue for it and NAMA. PIMCO was unwilling to proceed in the absence of disclosure of interest it expected".

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: It would be interesting if we were to hear from PIMCO on whether that version of events tallies with NAMA's.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: That does not change the fact.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Mr. Daly did not take a decision. There is no record of that decision.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: I am sorry, a Chathaoirligh, but where is the passage to which Mr. McEnery refers?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: A Chathaoirligh, just to-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: When the NAMA delegates comes back, they might also reflect on the fact that it did exercise the flexibility. It ran at 5.5% and then also at 2.5%. Did it not?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Mr. McEnery has also cited other deals and portfolios. The key distinction is that in the recommendation of those discounts, the loan sales adviser gave that advice. Does Mr. McEnery have a piece of paper where Lazard or anyone else gave NAMA that advice, and not in a generic sense but in respect of Project Eagle? It seems from the documentation that NAMA does not have that. To simply ask...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: I accept that the delegates are giving their view but I am stating categorically that they have nothing documented to substantiate that that was objectively arrived at, discussed and offered in the course of the process.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: The documentation reflects that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: May I ask a question?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Did Cerberus indicate to Mr. McDonagh when it had acquired the services of Brown Rudnick? Did it give him a date?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Did Mr. McDonagh ask?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Okay. Let me take the witnesses right back to the beginning of this process and Brown Rudnick speaking on behalf of two clients. One was PIMCO. Did it ever ask whether the second client was Cerberus? Did it occur to Mr. Daly that, in fact, Brown Rudnick may have been acting on behalf of, or advising, Cerberus and there was not simply a transition? Did that thought occur to Mr. Daly?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: It was passed on to NAMA.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: It never occurred to Mr. Daly to ask?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Yes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: I understand the chronology of it and Mr. Daly has made that point well. However, I am simply suggesting that, as people who had been involved in this process and had run into very serious difficulties in terms of success fees that involved Brown Rudnick, Tughans and, in the first instance, PIMCO, I would expect that they would make some effort to join the dots - not to jump to conclusions -...